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Maritime Resources Corp V.MAE

Alternate Symbol(s):  MRTMF

Maritime Resources Corp. is a Canada-based gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador. The Company holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. It controls over 439 square kilometers (km2) of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. The Company owns mineral processing assets in the Baie Verte mining district, which include the Pine Cove mill and the Nugget Pond gold circuit. It also owns the Lac Pelletier gold project in Rouyn Noranda, Quebec. Its land holding, across all its properties, covers an area of approximately 43,925 hectares, of which the Company holds a 100% mineral rights interest in 37,050 hectares with the remaining 2,175 hectares under option agreements (100%).


TSXV:MAE - Post by User

Post by nozzpackon Jul 25, 2024 12:52pm
93 Views
Post# 36148283

Pit 278 Stoger Deposit

Pit 278 Stoger Deposit

I forgot about Zone 278 as a source of interim production .
It is fully permitted ( as is the Gabbro ) , has an excellent grade and less than a km or so from the mill.

I mentioned this to Mac earlier and he said that Zone 278 needed a bit more closely spaced holes ( grade Control ) so
that the stock works veins would be more precisely located within the pit.

The Gabbro zone needs additional definition drilling ( typical of the Signal CEO ) .

Stoger has good extensional targets, so it is planned to be drilled this year as soon as funds are received, as part of the additional ounces for the updated FS.

However, it's possible that with 1500 m or so of grade control drilling, Zone 278 could be going through the Pine Cove mill as part of the contribution to interim production.

20,000 ounces represents over $60 million cad in revenues and probably $30 million or so in free cash flows net to the balance sheet.

So, we are in very good shape..
 




Table 1: 2022 Stog'er Tight Mineral Reserve Statement - Effective Date: September 30, 2022

Category

Classification

Tonnes

Gold Grade (g/t)

Contained Ounces

Gabbro Zone

Probable

486,000

1.65

25,800

278 Zone

Probable

240,600

2.63

20,300

Total

 

726,600

1.97

46,100

Notes on the 2022 Stog'er Tight Mineral Reserves

 
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